The most common applications of LED lighting currently are residential, outdoor, commercial and architectural. Parking lots, roadways, traffic lights and garages are also on the rise. The fastest growth has been in panel lights, high/low bay lights, tunnel lights and troffers.
New applications such as smart lighting are also gaining momentum. The ability to control lighting systems with frameworks such as available daylight, occupancy and time of day to turn lights on or off has been providing significant energy and cost savings.
The Department of Energy (DOE) has projected that LED lighting is expected to reduce lighting consumption by 15% in 2020 and by 40% in 2030. This amounts to over $26 billion in savings. In addition, LED lamps and luminaires are predicted to account for 86% of installed lights by 2035.
The DOE also expects that from 2015 to 2035 there will be a total cumulative energy savings of 62 quads. One quad is equal to 293 billion kilowatt hours. This would mean close to $630 billion in avoided energy costs.
apps1.eere.energy.gov/buildings/publications/pdfs/ssl/energysavingsforecast14-summ.pdf; www.britannica.com/science/quad; https://www.electronichouse.com/home-lighting/what-makes-smart-lighting-smart/; www.energy.gov/eere/ssl/led-lighting-forecast; www.ledinside.com/2016/9/doe_forecasts_led_lights_energy_saved_will_equal_electricity_used_in_45m_households_by_2035; www.ledinside.com/node/24054; www.ledjournal.com/main/blogs/global-led-lighting-trends-reveal-significant-growth-and-product-development; www.marketsandmarkets.com/PressReleases/smart-lighting.asp